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Marathon Capital Advises Overwatch Capital on 1 GW Partnership with Idemitsu to Build High-Density AI Data Centers Across Ten U.S. States
November 20, 2025
November 20, 2025
Data Centers & Digital Infrastructure
Equity Capital Markets
Marathon Capital has advised Overwatch Capital on its groundbreaking partnership with Idemitsu to support the development of next-generation, energy-resilient AI data centers across ten U.S. states. The collaboration includes an investment by Idemitsu into Overwatch Capital Investment 1 LLC and the launch of Idemitsu’s nationwide natural gas supply operations in the United States. Through the partnership, Idemitsu will supply natural gas to on-site power generation systems capable of providing up to 1 gigawatt (GW) to support the next generation of AI driven data centers.
This collaboration is designed to deliver scalable, sustainable, and resilient energy solutions tailored for the growing demands of AI-focused data centers. By leveraging both grid-connected and private-grid models, the initiative will support hyperscale AI tenants in Ohio, Texas, Illinois, Utah, Colorado, Arizona, Georgia, Nevada, South Carolina, and Pennsylvania.
Overwatch Capital will deploy its Sustainable Infrastructure for Data and Energy (SIDE) Platform, integrating natural gas generation, battery storage, advanced cooling, and energy management to ensure high-uptime sites optimized for GPU clusters and liquid cooling.
Idemitsu will provide firm natural gas transport capacity, long-term supply contracts, and performance-enhancing lubricants to maximize operational efficiency and sustainability.
View Overwatch Capital Announcement
About Overwatch Capital
Overwatch Capital is a forward-thinking investment platform specializing in the development and operation of sustainable digital infrastructure, with a strong focus on energy innovation and environmental stewardship. Through its SIDE and Resilience Series data centers, Overwatch integrates energy and compute to deliver efficient, scalable solutions for high-demand AI and cloud applications.
About Idemitsu
Idemitsu Kosan Co., Ltd. is one of Japan’s largest energy and industrial companies, engaged in fuels, petrochemicals, high-performance materials, lubricants, renewable energy, and advanced energy services. Through Idemitsu Americas Holdings, the company is expanding its U.S. presence with nationwide natural gas supply operations and exploration of energy services for data centers, including immersion cooling, diesel backup support, and battery storage solutions.
